| In China’s capital market, there is a special listing Corporation group – ST company, ST company was very different from the ordinary corporations. They more likely to seeking chance to restructure the capital structure and with non profit and asset management and also by a poorly sales ability, therefore, this paper from the study of financial subsidies for ST company performance improvement of usefulness perspective, as of 2015 January, the Shanghai and Shenzhen two city 46 home A shares listed on the ST and *ST company as sample, through the CSMAR database retrieval and hand finishing, from 2011 June to 2014 June 3 years, the relevant data of the 46 listing Corporation annual report, annual report as the sample data sources, and based on the on the stakeholder theory, principal agent theory, asymmetric information theory and game theory elaboration and the understanding, setting empirical hypotheses and related variables and model study, by means of descriptive statistics, multivariate linear regression analysis in order to fully and reasonably to find financial support efforts to enhance the internal relations of ST listing Corporation performance level.This paper collected in June 2011 to 2014 June sample enterprises annual and semi annual report financial data for statistical analysis, relative to previous studies, the data is new, enhance the timeliness of the conclusion of the study. In model, abandon the previous extensive use of similar articles such as Tobin’s Q value, ROA, roe and other indicators, statistical models to analyze listed company earnings management motivation impact on enterprise performance noise to be further reduced, at the same time, when setting regression statistical model explanatory variables, to a more comprehensive analysis of the effects of fiscal subsidies on enterprise performance. In this paper, the degree of the fiscal subsidy decomposes into grants the scale and duration of payments for the dimensions of two kinds of variables. In order to make the research results more accurate and reliable, this paper statistical models were robust test, and in the robustness test used in the target setting process also strive to reduce financial support on the other control variables caused by the impact.The establishment of statistical analysis model in substitution for the selected sample enterprise data for statistical analysis, this paper obtained the empirical study of some relevant conclusions, namely: first, this article to statistics data show, the government has given a ST company financial subsidies size had no significant effect on the business performance of ST companies; secondly, according to the results of statistical research, reflect the government of ST or * ST companies continue to provide subsidies to support may have a negative impact.According to the empirical conclusions, this paper further puts forward some suggestions and Countermeasures: first, the government allocated special subsidies, should strengthen the investigation on the actual operating situation, to grant funds can correspond with the actual demand and ratio; second, the establishment of specialized regulatory agencies, real-time tracking grants allocated the use of grant funds, enterprises, eliminate unreasonable idle and waste; thirdly, reduce fiscal subsidies continue to release the situation, can be changed to on-demand distribution or interval issuance, in order to reduce enterprise executives can take the convenient space; fourth, establish and improve the assessment mechanism of executives, to make effective evaluation enterprise executives receive subsidies after the implementation of performance, and in strict accordance with the evaluation results and improve the salary incentive mechanism or linked to the promotion; fifth, the establishment of financial subsidy funds from the standard standard, and strictly implement the relevant standards, enterprises will be "fixed resources" into "variable resources". |
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